Both a will and a living trust are similar vehicles. They set up an estate plan so you can ensure things are distributed the way you want. The important difference is that a will requires you to go through the court system through what is known as the probate process. If you set up a living trust, you can have everything dealt with before your death, and you do not have to go through the court process. Living trusts, in the long run, are much more economical, and all your assets and liabilities are not held to public scrutiny.